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What you need to know about your property in an Illinois divorce

On Behalf of | Aug 13, 2021 | Divorce

Divorce often means dramatic upheaval. You can basically say goodbye to the life and routine that you know, as everything from with whom you interact to where you live could soon change.

One of the most difficult things about divorce is not knowing what property you will have at the end of the process. For couples in Illinois, preserving financial stability after a divorce is a common priority.

Answering a few basic questions will give you a better idea about your financial situation after your divorce.

Did you and your spouse sign a marital agreement?

One of the fastest ways to figure out what will happen in your divorce is to defer to pre-existing rules you have set for this exact situation. If you and your spouse signed either a prenuptial agreement or a postnuptial agreement, you can use that document to determine what assets and property you are likely to receive in a divorce.

It is worth noting that in certain circumstances, either spouse could potentially challenge the validity of a marital agreement. However, for most couples with a marital agreement, an uncontested and, therefore, faster divorce is possible.

Are you willing to settle with your ex?

If you don’t already have an agreement on record, you can still choose to negotiate with your spouse in a collaborative divorce or by going through mediation. You could potentially reach a settlement with your ex and file for an uncontested divorce.

In an uncontested Illinois divorce, the spouses get to decide how they split their property, although the Illinois courts will have to approve their settlement. You can fight for any terms that are important to you by collaborating with your ex and compromising on matters of less importance.

What did you earn or accumulate during the marriage?

If you don’t have a marital agreement and you can’t reach a settlement, then you will have to have a family law judge rule about the division of your property. Illinois applies the equitable distribution standard to property.

You can expect the judge to prioritize fairness when they decide how to split up your assets. The judge can potentially divide any property and debts that you and your spouse accrued during the marriage. They should consider the details about your careers and family situation when deciding how to split that property.

Familiarizing yourself with property division standards in Illinois can make you feel more confident about filing for divorce.